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Dec 31, 2025
Tandem Diabetes Q4 2025 Earnings Report
Tandem Diabetes Care announced its financial results for the fourth quarter and full year ended December 31, 2025, and provided financial guidance for 2026.
Key Takeaways
Tandem Diabetes Care achieved record quarterly sales of $290.4 million and a record gross margin of 58% in Q4 2025, demonstrating strong operational improvement and key portfolio enhancements, including the global commercial rollout of t:slim X2 pump integration with FreeStyle Libre 3 Plus and the launch of Android mobile control for the Tandem Mobi system.
Achieved record quarterly sales of $290.4 million, marking a 3% increase year-over-year.
Delivered a record quarterly gross margin of 58%, up from 56% in the previous year.
Reported positive operating income of $8.3 million, or 3% of sales, a significant improvement from an operating loss in Q4 2024.
Began global commercial rollout of t:slim X2 pump integration with the FreeStyle Libre 3 Plus continuous glucose monitoring sensor.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the year ending December 31, 2026, Tandem Diabetes Care estimates full-year GAAP sales to be approximately $1.065 billion to $1.085 billion, with gross margin estimated at 56% to 57% of sales and adjusted EBITDA margin at 5% to 6% of sales.
Positive Outlook
- Estimated full-year GAAP sales of $1.065 billion to $1.085 billion.
- Anticipated worldwide pump shipment growth in double-digits.
- Gross margin is estimated to be approximately 56% to 57% of sales.
- Adjusted EBITDA margin is estimated to be approximately 5% to 6% of sales.
- United States pump shipments are estimated to increase approximately 10% to 11%.
Challenges Ahead
- Pay-as-you-go business model in the U.S. is expected to create a headwind of approximately $70 million to $80 million.
- Direct transition to commercial operations in select international countries is expected to create a headwind of approximately $15 million.
- Non-cash charges, including stock-based compensation and depreciation/amortization, are estimated to be approximately $100 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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